Copelyn goes for gold
EMPOWERMENT GROUP Hosken Consolidated Investments (HCI) really came from nowhere a few years ago to become one of the biggest forces in South Africa’s gaming sector. HCI has emerged (along with brewing giant SABMiller) as the major shareholders in the new-look Tsogo Sun group, which will soon list as the biggest gaming company in southern Africa.
Tsogo’s gaming assets – which include the cash-spinning SunCoast casino in KwaZulu-Natal – will soon be reversed into the Gold Reef Resorts (GRR) listing to make a compelling mix of casino operations that span almost every corner of SA.
With that in mind, it’s then probably not that surprising HCI CEO Johnny Copelyn (does anyone still remember this man as a union heavyweight?) spent around R2,4m picking up GRR stock. It would seem to us that Copelyn may well be indicating to the market that GRR is pretty good value at 1418c – a price that, after all, is a lot less than some of the bids made for this gaming company over recent years.
Other significant bouts of buying last week included directors in a trio of turnaround contenders: logistics giant Super Group, building supplies group Distribution and Warehousing Network (DAWN) and technology conglomerate Jasco.
And what would a week be without a cameo from property magnate Des de Beer – by now a regular participant in our directors’ dealings table – having a tilt at one of his many property interests. De Beer, who clearly has deep pockets or a very understanding bank manager, also spent R750 000 on shares in Capital Property Fund.
JOHNNY COPELYN Former union heavyweight